StatoilHydro cuts Troll Capital Expenditure by $543 millon

February 18, 2009

OSLO, Feb 18 (Reuters) – Norwegian oil and gas group StatoilHydro (STL.OL) cancelled on Wednesday a 3.8 billion crowns ($543.1 million) investment in its biggest North Sea field, Troll, because of low oil prices and high costs.

The Troll A platform in the North Sea. Photo: Marit Hommedal / StatoilHydro.

The initial budget for the project, which aims to boost oil recovery and maximise the value of gas production at the huge North Sea field, was almost 10 billion crowns, it said.

“The adjustments are necessary because of changes in framework conditions, such as lower oil prices and high costs,” StatoilHydro said in a statement.

To read the full story by Wojciech Moskwa on Reuters.com, click here.

For more information click here to visit StatoilHydro.com